Fidelity Digital Fires Up Bitcoin’s Lightning Torch, Becomes First Institutional Bank to Carry BTC’s LN
At the time of writing this article, Fidelity manages the funds of over 27 million customers. Not only that, the company also looks after a whopping sum of $7.2 trillion dollars (in total assets).
If that wasn't enough, the firm is currently the United States’ leader in 401(k) retirement savings plans as well as one of top 403(b) retirement plan providers for not-for-profit institutions.
Via a message released by the investment giant’s Twitter handle, a spokesperson announced that the firm had “officially received the #LNTorch (on Friday, February 22nd) from Tokyo-based Bitcoin entrepreneur, Charlie Shrem”.
In relation to the deal, it is worth adding that the above stated transfer involved a total of 3.64 million satoshis— a figure that roughly equates to USD $142 at current BTC rates.
— Fidelity Digital Assets (@DigitalAssets) February 22, 2019
A More Detailed Look at the Matter
As many of our regular readers may already know, ‘Lightning Torch’ has gained quite a high level of recognition over the past few weeks within the Bitcoin ecosystem. In its most basic sense, the initiative involves the “passing of a LN-based monetary transfer between nodes” — with each each network participant adding 10,000 satoshis ($0.34) to the overall tx as well as passing the acquired data on to a new node.
With the successful completion of this above mentioned transaction, Fidelity Digital Assets has now become the “229th entity to lay claim on the Lightning torch”. Previous bearers include established players such as BitMex Research, Binance CEO ‘CZ’ Changpeng Zhao, and TRON’s Justin Sun.
Other Key Points Worth Bearing in Mind
- Fidelity has now become the world’s first financial institution to acquire the digital ‘torch.’.
- Over the course of the past 5-6 months, Fidelity has been making waves within the crypto market— with the investment giant announcing late last year that it was all set to launch its very own cryptocurrency trading desk (for its 27 million strong client base).
- Many experts are waiting to see if the LN’s rapidly growing customer base can be accommodated as BTC payments keep increasing on the network.
- As per data obtained from 1ML.com, there are currently 6561 reachable nodes and 29,777 channels on the Lightning Network. In all, these avenues offer customers with a total payment capacity of 718.25 BTC.
In rounding off this article, it is worth pointing out that many prominent crypto personnel have been requesting Tesla CEO Elon Musk to “paste an invoice and receive the Lightning Torch”. It now remains to be seen if Musk responds to this proposal and how the future of this unique protocol plays out from here on out.